XML 34 R14.htm IDEA: XBRL DOCUMENT
v3.24.1

Deferred Policy Acquisition Costs and Deferred Ceding Commission Revenue | 12 Months Ended
--- | ---
Dec. 31, 2023
Deferred Policy Acquisition Costs and Deferred Ceding Commission Revenue |
Deferred Policy Acquisition Costs and Deferred Ceding Commission Revenue | Note 8 - Deferred Policy Acquisition Costs and Deferred Ceding Commission Revenue Deferred policy acquisition costs incurred and policy-related ceding commission revenue are deferred and amortized to income on property and casualty insurance business as follows:
|  | Years ended |
|  | December 31, |
|  | 2023 |  |  | 2022 |
Net deferred policy acquisition costs, net of deferred ceding |  |  |  |  |  |
commission revenue, beginning of year |  | $ | 13,199,884 |  |  | $ | 12,490,479 |
Cost incurred and deferred: |  |  |  |  |  |  |  |
Commissions and brokerage |  |  | 29,926,493 |  |  |  | 36,354,386 |
Other underwriting and policy acquisition costs |  |  | 8,866,395 |  |  |  | 9,154,706 |
Ceding commission revenue |  |  | (7,209,248 | ) |  |  | (7,236,720 | )
Net deferred policy acquisition costs |  |  | 31,583,640 |  |  |  | 38,272,372 |
Amortization |  |  | (34,441,825 | ) |  |  | (37,562,967 | )
|  |  | (2,858,185 | ) |  |  | 709,405 |
Net deferred policy acquisition costs, net of deferred ceding |  |  |  |  |  |  |  |
commission revenue, end of year |  | $ | 10,341,699 |  |  | $ | 13,199,884 |
Deferred policy acquisition costs and deferred ceding commission revenue as of December 31, 2023 and 2022 are as follows:
|  | December 31, |
|  | 2023 |  |  | 2022 |
Deferred policy acquisition costs |  | $ | 19,802,564 |  |  | $ | 23,819,453 |
Deferred ceding commission revenue |  |  | (9,460,865 | ) |  |  | (10,619,569 | )
Balance at end of period |  | $ | 10,341,699 |  |  | $ | 13,199,884 |

X
- References No definition available. + Details
Name: | us-gaap_DeferredPolicyAcquisitionCostsDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for deferred policy acquisition costs. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 944 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//944-30/tableOfContent + Details
Name: | us-gaap_DeferredPolicyAcquisitionCostsTextBlock1
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration